UP-based Meja Urja Nigam Non-public Restricted has acquired a monetary help of Rs 250 crore from Punjab Nationwide Financial institution (PNB), an organization official mentioned Friday.

The quantity shall be utilised in the direction of financing the prevailing loans, its Further Normal Supervisor (AGM) Amit Rautela informed PTI.

Meja Urja Nigam Non-public Restricted (MUNPL) has tied up with PNB for a short-term mortgage of Rs 250 crore. It has been raised with the target of minimizing the financing value of the corporate, which is able to in the end end in passing the profit to all of the beneficiaries and stakeholders, he mentioned.

“The corporate goes very aggressive in optimizing all the prices related to the plant and this tie-up with PNB will certainly go a great distance in strengthening the enterprise affiliation of MUNPL with PNB,” MUNPL CEO Anil Kumar mentioned.

MUNPL is a 50:50 three way partnership (JV) of state-owned NTPC Restricted and Uttar Pradesh Rajya Vidyut Utpadan Nigam Restricted (UPRVUNL). Its Meja Thermal Energy Plant (MTPP) situated about 45 km from the Prayagraj district, is Uttar Pradesh’s first supercritical energy plant.

The JV was included in 2008, to arrange a 1,320 megawatt (with 2X660 MW models) coal-based plant at Meja, which is beneath business operation since January 2021.

Throughout FY 2021-22, the corporate has achieved a web revenue of Rs 278 crore. Electrical energy generated by MUNPL is equipped to a number of states and Union territories (UTs) by the grid.

The mortgage facility settlement was executed on Thursday by Ashok Kumar Sinha, Head of Finance, MUNPL and R Ok Singh, AGM of PNB in presence of different senior executives of each the events.

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